Families feel the pinch of falling wages

minimum wage

falling wagesDo you sometimes feel somewhat envious about the size of your bosses' pay packet?

Many of us have been feeling the financial squeeze recently, and now new research suggests that, in real terms, our incomes have fallen by £60 billion annually over the last 30 years.

According to the findings, released by union group the TUC, everyone has seen the real value of their take-home pay fall in recent years, apart from top bosses.

Its research shows that top executives enjoyed pay rises of 10% in 2010 and 17% last year.

This means the pay ratio between the wages of top bosses and ordinary workers has risen from 47:1 in 2000 to 102:1 in 2011.

Brendan Barber, general secretary of the TUC, said the value of wages has gone down, despite people's productivity rising.

He added: "The tens of billions of pounds that workers miss out on each year has been papered over by rising credit card bills and a housing boom, but the financial crash has brought home the reality of our shrinking wage pool to millions of workers and their families.

"Our current squeeze on living standards could be alleviated if the share of our national wealth that goes on wages started to return to the levels seen three decades ago."

If you need help asking for a pay rise, check out this guide.